at, this is true about america, one of the great things, most of the wealth and income in this country is in the hands of the middle class. if you want to get revenue, go to the heart of the middle class. this is a big financial hardship. think about things like buying food, school supplies, clothing, all those things go up. 18, 19%. >> neil: in europe and in italy, for example, they exempt food. but your point is well taken how does it effect retail sales in general? people still buy this stuff but i guess not as much or to the degree it's a revenue raiser? >> what if means, neil, in these countries is they have a lower living standard. 18 to 20% of everything they buy goes to pay additional taxes so they can't afford as much. it's one of the reasons the united states has a higher living standard. face it, the obama administration and many liberals have euro envy. they want the united states to be more like europe with big social welfare programs with the taxes to pay for it. i applaud the former fed chairman, paul volcker. at least he's honest, if we're going to spend
